Income Tax Considerations And Changes

Politicians across the country debate about ways to fund worthwhile programs, and the new mayor of New York City has received considerable attention regarding his proposed agenda. Mayor de Blasio has outlined a progressive agenda aimed at funding afterschool and early education programs, and his approach pushes for higher tax rates for wealthy individuals. You may have a lot of tax questions regardless of your income level, but using Turbo Tax 2013 may help you make sense of current and future tax scenarios.

Bill de Blasio
Bill de Blasio (Photo credit: Kevdiaphoto)

Mayor de Blasio would like to impose a tax increase on residents who report an excess of $500,000 in taxable income, and he wants this tax increase to be in effect for five years. Taxes 2013 and beyond may be affected by such a measure, and the rate would move from 3.88% to 4.41% under the de Blasio proposal. New York city resident tax rates have been as high as 4.46% under previous administrations, and the additional funds were intended for education and crime prevention.

A little over one percent of New York city residents would be affected, and the additional tax revenue raised would be approximately $500 million annually. This is in line with the goal of establishing continuous funding for education programs, and having this additional revenue may give Mayor de Blasio time to establish other funding sources once the higher tax rate has expired. Any discussion about proposed tax rate changes can lead to numerous questions, but Turbo Tax 2013 may help you find good ways to save at tax time.

An Overview Of The Turbo Tax Military Edition

Turbo Tax Military Edition

Preparing and filing your taxes on time and to your best advantage may be difficult at any point in your life, but being in the military may pose additional challenges. Serving your country should not serve as a financial penalty when it comes to tax season, and Turbotax has taken action by offering unique software options for servicemen and officers. Turbotax can help you file taxes for free whether you are on active duty, in the reserves, or stationed far away from your home state. The free Turbotax Military Edition may be the best support for military personnel at tax time.

Mexican military personnel inside a tanker
Mexican military personnel inside a tanker (Photo credit: Wikipedia)

Enlisted personnel at a junior rank of E-1 to E-5 may utilize the military edition of Turbotax for free, and officers and those with a rank of E-6 to E-10 may take advantage of this software for a nominal cost. The free download may be completed in several ways, and the software will guide you through a comprehensive list of tax provisions that are specific to military personnel. Tax questions regarding deductions for uniforms, basic pay, combat pay, and how to handle a permanent change of station are thoughtfully addressed with this software, and you can have the tax answers that you need long before the filing deadline occurs.

Turbotax offers easy access to the latest and most advantageous tax information for anyone who needs to file taxes, and the Turbotax Military Edition is in keeping with this vision. Online filing may be your most realistic option depending on your location, but the experts at Turbotax have ensured that filing online will be to your best advantage however and wherever you may be serving your country. Turbotax experts include veterans, military spouses, and others who are versed in the unique tax needs of military personnel. The Turbotax live chat community lets you ask questions and get answers in real time, and Turbotax technical support is available to help you every step of the way.

Working with a veteran or military spouse may cut through the maze that can characterize tax preparation and filing, and you will get timely and accurate information. Questions about filing in multiple states, relocation, basic allowances for housing, and basic allowances for subsistence will be answered thoroughly, and your prepared taxes will be audited automatically. This helpful review will ensure that potential problems are addressed before your taxes are filed, and you may file taxes for free in many instances. Turbotax makes preparing and filing your federal and state tax returns as easy as possible wherever your military service may take you.

Saving Money With The Child Tax Credit

Saving Money With The Child Tax Credit

A lot of Canadians have no idea they qualify for the Child Tax Credit or what it is. They think it is for low income families, or they have altogether never heard of this credit. Even if you are okay without the rebate, Turbo Tax 2013 encourages you to make a claim.

English: Pic for WikiProject Political parties...
English: Pic for WikiProject Political parties and politicians in Canada (Photo credit: Wikipedia)

The tax assessor’s office should be aware of any children in your household born before the end of 2012. For every child born into a Canadian household during the fiscal year (even late in December), it is possible to enjoy a rebate on taxes. When you fill out your Turbo Tax 2013 forms, make sure this section is completed thoroughly. For every child in your home you could be receiving a Child Tax Credit which amounts to a hundred or a few hundred dollars every month.

The Child Tax Credit was implemented to help families earning under a certain amount annually. It is not specific to locations: if you live in an area where cost of living is high, meaning wages are also high, this is not part of the calculation.

The Canadian government is simply looking at how much money a single individual earns or the joint income of a family. They automatically decide whether or not to grant a parent or parents this credit based on income. If your earnings have decreased recently, you could see your first tax rebate soon. Keep this in mind if you are currently filling out your Turbo Tax 2013 forms and expect a refund in the mail.

Do Your Taxes Online This Year

Do Your Taxes Online This Year

When you do your taxes, do you usually get all of the paperwork and fill it out manually? Instead of doing this, perhaps you go to a local CPA and pay them to do your taxes for you, cutting into your return dramatically. If you have been using either one of these two tactics, you need to know that there is a better way with online programs like TurboTax 2013.

Death & Taxes (film)
Death & Taxes (film) (Photo credit: Wikipedia)

Many of the online programs are actually free, so you just have to create an account in order to work on your taxes. This allows you to save your information to the server. If you need to log in later to finish the job, it is easy to do so. You do not have to worry about security when you do your taxes since programs like TurboTax 2013 and the various free programs use encryption software to protect you.

The programs make life easy for you while you do your taxes by walking you through the process. Systems like TurboTax 2013 will ask you questions that you can answer, rather than just giving you a box and a sentence of legal writing to tell you what to do. These questions are straightforward and easy to understand. The program then takes the information and puts it into the correct boxes so that you do not have to do the work of figuring out what goes where.

When filling in information from W2s or 1099s while you do your taxes with TurboTax 2013 or a free program, the program may just tell you to fill in the numbers from the corresponding boxes. You do not need to know exactly what the box means or what all of the other, empty boxes are for. The program will simply tell you what information that it needs. You will write it down, and then you will move on to the next step. This makes it possible to do your taxes on your own even if you have never studied tax law or accounting.

One of the best things about deciding to do your taxes with an online program like TurboTax 2013 is that you can often e-file when you get done. You do not have to print anything out, though it is a good idea to save PDF files for your records. You do not have to write any checks, buy any stamps, or put anything in the mail. You just have to provide the information for your bank account, including the bank account number and the routing number, and then your return will be sent to you automatically. This all means that you can instantly and easily file your taxes, even at the last minute.

Did You Know That The United States Will Soon Have The Highest Corporate Taxes?

Believe it or not, the United States is about to have the highest corporate taxes of any other industrialized country. Right now, only Japan has a higher corporate tax rate than the United States. However, that is all about to change very soon.

In less than a week, Japan will be reducing its corporate tax rate to 36.8 percent, while the United States will continue to have corporate taxes of 39.2 percent. This is calculated by combining the current business tax rate of 35 percent with average state taxes of 4.2 percent. It is a curious state of affairs, especially considering that the United States attempts to be an attractive market for corporations.

In addition to Japan, many other countries including China, Russia, Germany, and Canada have lowered their corporate taxes, in response to the current global economic climate. Americans could truly benefit from a reduction of the corporate tax rate. Many companies are unable to provide high pay rates, raises, or bonuses for their employees because of the exorbitant corporate taxes that they have to pay.

The United States prides itself on being first in many things. It is unfortunate that we now must add ‘First in corporate tax rates’ to our list of attributes. Hopefully, President Obama and the other Democrats in office will see reason and reduce our corporate taxes, so American workers can once again go to work with the hopes of receiving fair pay rates, raises, and bonuses.